The current version was released in March of 1997, so an update would be nice sometime within the decade.

Price-wise, look on the bright side, however much the II costs ($2000+ ??) went does get released it will be a fraction of what you would have to pay to get your hands on a 200-400 1.4x. We should all be happy that there are a few big whites we can get our hands on under $3000, and count our lucky stars there are a few under $2000 (at least for now)... right Canon? right?

i just hope they keep the integrated lens hood, I love the 300 F4L ISMore modern IS and full weather sealing would make great improvements as well as the more modern coatings supressing flare and CA, depending on cost I would look at an upgrade. although the sigma 120-300 f2.8 is really tempting even if i got it the 300f4L would stay just for its super well balanced and convenient sized when used with a 5D body